Pension proposals continue to surface

SPRINGFIELD -- Pension reform is still on the minds of many. Another proposal has surfaced, and the sponsor says his plan is the right one for Illinois.

Representative Thomas Morrison (R), of Palatine, recently introduced HB 3303. He says all five pension systems will be fully funded under his proposal.

He's calling for a few changes: one would give state workers the option of signing up for a 401K-style plan and another would freeze automatic increases. Lawmakers just can't seem to reach an agreement on any of the proposals out there right now.

Credit agencies are urging the General Assembly to act soon. If not, the state could face another credit downgrade.